Dry Goods Firm’s Financial Woes Exposed

The tangled web of deceit has been unraveled for the H.B. Clafin Company, a prominent wholesale dry goods firm in New York. According to sources, the company’s financial woes have finally caught up with them, and receivers have been appointed to take control of the business. The move comes after a suit in equity was filed in the district court, citing the company’s dire financial situation. Judge L. Hand made the decision to appoint receivers Joseph B. Martinsdale, president of the Chemical National Bank, and Frederick A. Julliard, a member of the firm A.B. Julliard and Company, both of whom will be bonded for $500,000 each. The firm, which was established in 1890, is controlled by the Associated Merchants Company, which in turn is controlled by the United Dry Goods Companies.